(Bloomberg) -- Boaz Weinstein and his group of bidders sweetened their offer to buy Sculptor Capital Management, but the hedge fund firm said it still prefers its deal with Rithm Capital Corp.
Weinstein’s group, which includes billionaires Bill Ackman, Marc Lasry and Jeff Yass, increased its offer by 51 cents a share to $12.76.
A Sculptor “special committee has not concluded that the consortium’s most recent revised proposal constitutes a superior proposal or is reasonably expected to lead to a superior proposal,” the New York-based firm said Wednesday in a statement.
Weinstein’s proposal, when compared with Rithm’s deal, continues to “lack certainty of closing and presents significantly higher execution risk” for Sculptor shareholders, according to the statement.
Rithm agreed to acquire Sculptor for $11.15 a share, or $639 million, and has said it expects the deal to be completed in the fourth quarter.
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